EY Entrepreneur of the Year industry finalist: Terry Knox, CD Group

Terry Knox is the chief executive of CD Group, a third-generation family business specialising in the import and distribution of automotive replacement parts, paint, tools and equipment.

The company employs more than 170 people across locations in Belfast, Cork and Dublin.

Knox joined the business after completing his postgraduate studies at the Michael Smurfit Graduate Business School in 1999. Since then he has been instrumental in the growth the company has experienced in Dublin and Cork.

Knox assumed the role of chief executive of CD Group in 2014.

The CD Group comprises four trading names: Component Distributors, Paint Distributors, Exhaust Centre and Meridian Systems. The first three trading names form 99 per cent of the group’s business and operate in the automotive aftermarket.

Component Distributors is a distributor of motor vehicle components. Paint Distributors services bodyshops and crash-repair centres throughout the country with paint, consumables, tools and equipment. Exhaust Centre distribute products such as exhausts and catalytic converters products to Fast Fit stations. Meridian Systems is a computer software and service provider to niche businesses throughout Ireland.

Component Distributors, which is the largest part of the CD Group, was founded in 1963 by Knox's grandfather Stuart Knox.

What vision/lightbulb moment prompted you to start up in business? I have had the desire to work in the family business since I was a child. I remember a project that I presented during my postgraduate studies where I wanted to set up the family business south of the Border. To be in the position where this actually happened with the growth it has experienced is very satisfying. What is your greatest business achievement to date? In Stockholm last year I was elected by my peers from many countries on to the supervisory board of a business we are involved with, who are based in Stuttgart, called ATR. To be on the board of a €9.2 billion business comes with plenty of responsibility and the never-ending opportunity to learn from excellent people and their experiences.

What were the best and the worst pieces of advice you received when starting out? The best advice was: don't be afraid of making mistakes, just try not to make the same one twice. Also: never ask anybody to do anything that you do not know how to or would not be prepared to do yourself.

There is no such thing as bad advice. I would be willing to listen to anybody about anything. It is how you choose to interpret any advice into your world that makes it worthwhile or not. Have you started to feel the effects of the economic upturn within your sector/industry? One of the positives about our sector is that during a recession people tend to hang on to their cars a little longer and therefore the demand for replacement parts increases. What is the most common mistake you see entrepreneurs make? Entrepreneurship for me is encapsulated by having a vision and embarking on the process to achieve your business goal. This is nearly impossible without taking risks and that is something that I see many entrepreneurs spending too long being concerned about, as opposed to embracing as part of the journey. You will invariably make mistakes but it is how you get back up and what you learn from them that will really makes a business successful.